2020-08-13T21:00:02+00:00

Covid-19 causes huge losses for German travel giant TUI

Credit: Marco Verch (Creative Commons Attribution 2.0)

TUI, the world's largest travel operator, suffered a 98.5% drop in revenues due to Covid-19 restrictions. The group posted a €1.42 billion loss between April and June.

On Wednesday, TUI secured a second credit line from the German government, adding to a €1.8 billion loan taken on in April, and while the CEO said it might not need to use the latest line, the focus is now on debt.

In May the company stated it would need to cut 8,000 jobs and save €300 million a year to help it withstand the crisis.

Sources: Content Sources

Source: Deutsche Welle

Image Source

Marco Verch (Creative Commons Attribution 2.0)

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Érico Andrei

@ericof

Co-founder of Pendect, passionate about open source and knowledge sharing. Made in Mooca.

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Categorization: Locations & Places

Germany

Organizations & Institutions

TUI Group

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